WM. PRESTON LANE, JR., GOVERNOR. 81

by said Board pursuant to Chapter 434 of the Acts of the
General Assembly of Maryland passed at its January Session
in the year 1947, to provide funds for the acquisition of public
schools as defined in Section 1 of this Act.

Said Board is hereby authorized and empowered to evidence
the borrowing effected hereunder by the issuance, upon its
full faith and credit and upon the full faith and credit of the
County, of its Serial Maturity Coupon Bonds, in the manner
and upon the terms and conditions hereinafter set forth. Such
bonds may be issued from time to time as funds for such
public school acquisition or short term note refunding shall
become necessary, provided, however, that the total debt which
may be incurred pursuant to the authority of this Act and
pursuant to the authority of said Chapter 434 of the Acts of
the General Assembly of Maryland passed at its January
Session in the year 1947, shall not exceed Seven Million Dol-
lars ($7. 000, 000. 00).

SEC. 3. And be it further enacted., That before borrowing
any money or issuing any bonds pursuant to the authority of
this Act, the Board shall adopt a resolution describing the
public school or schools or the refunding operation or both
for which said borrowing or indebtedness is intended, the
amount needed for either or both of said purposes, and de-
termining to borrow money or incur indebtedness for all or a
part of the amount so needed and to issue its bonds to evidence
such borrowing or indebtedness. Each group of said bonds
shall be issued to mature in annual serial installments, the
last installment to mature not later than twenty-five (25)
years from the date of issue of said group. In said resolution,
said Board shall fix the annual serial maturity plan with re-
spect to the bonds to be issued thereunder and said annual
serial maturities shall be so fixed as to conform to the general
financial plans of the County but need not be in equal par
amounts or in consecutive annual installments. Said Board
shall have and is hereby granted full and complete authority
and discretion to fix and determine, in said resolution, the
form and tenor of any such bonds, the rate or rates of interest
payable thereon, or the method of arriving at the same, the
date or dates upon which said bonds shall respectively mature
and be payable, the manner of selling said bonds at public
sale, and generally all matters incident or necessary to the
issuance, sale and delivery thereof. The bonds of each such
issue shall bear interest at not exceeding four per centum
(4%) per annum, payable semi-annually, and, if requested
by the County, said bonds shall, by said resolution, be made
redeemable before maturity, at the option of the County, at
such price or prices and under such terms and conditions as
may be fixed by said County. The principal of and the in-
terest on said bonds may be made payable in any lawful